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4/07/17
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Two apartment properties in the Inland Empire city of Ontario were acquired by private investors in separate deals totaling $6.58 mil. The properties total 41 units.
In one of the transactions, Elderberry Ontario LLC acquired a 20-unit, 15.2k sf property at 251 North Elderberry Ave. Constructed in 1986 on a 37.8k sf lot, the two-story building features patios and balconies, laundry facilities, and extensive landscaping. It is a well-maintained property situated within a gated community with remote control and key card access.
In the other deal, Whispering Lakes Ontario LLC bought Whispering Lakes, a 21-unit, 29.9k sf property located at 2908 South Whispering Lakes Lane. The site is surrounded by single family residences, with only few apartment rentals nearby and sits adjacent to the Whispering Lakes Golf Course. It is a value-add opportunity with large apartments, averaging 1.4k sf in size.
CBRE’s Eric Chen represented both buyers and both sellers, Fisher/Palazzo Family Trust and Whispering Lakes Apartments LLC, in the two transactions. CBRE’s Debt and Structured Finance team arranged financing for buyers on both properties.
The population in the Inland Empire climbed 5.6 percent to 4.46 million residents in the past six years through the end of 2016. Rents have paralleled the rise in population, driven by increasing demand. As such, rental rates ticked up by 5.1 percent in 2016 as vacancy dwindled to 4.5 percent, according to CBRE. Demand for housing has been buoyed by consistent growth in the warehouse and transportation sectors, primarily from prominent e-commerce users.
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